With house prices growing at 18.4% in the past year (CoreLogic, Dec 2023) and steady economic growth driven by innovation and diverse industries, Adelaide is about to see a rise in property investment activity for 2024. A big part of the appeal for property investors in Adelaide is the relatively lower property prices compared to more saturated markets like Sydney and Melbourne, making it an accessible market for first-time investors.
By looking at the real estate data in the past year and essential factors such as local development plans, we’ve determined the 12 best investment suburbs in Adelaide for 2024 that you should consider adding to your portfolio.
1. Bridgewater, 5155
Bridgewater is a family-friendly suburb nestled in the Adelaide Hills foothills, best known for its proximity to local wineries and scenic landscapes. Consistent property value growth in the past few years, coupled with a growing demand for quality housing in the Adelaide Hills, presents an attractive proposition for investors seeking a reliable investment that proves its worth in the long term. Bridgewater’s current median house price of $856,500 may be on the steeper side, but its potential for continued growth will prove worthwhile.
Median house price: $856,500 (+16.5% from Feb 2023)
Median weekly house rent: $620 per week (+25.3% from Feb 2023)
Rental yield: 4.1%
Median weekly household income: $2,042
Population: 3,719
Private dwellings: 1,496
Appeal: Picturesque suburb with easy access to city amenities and rural views.
2. Virginia, 5120
Virginia is experiencing rapid population growth (estimated to be 5,588 in 2046) and infrastructure investment, which signals a high potential for property value increases in the coming years. Located in Adelaide’s northern growth corridor, Virginia boasts some of the most affordable property prices at a median of $640,000, making it a suitable opportunity for most forward-thinking investors.
Median house price: $640,000 (+8.9% from Feb 2023)
Median weekly house rent: $550 per week (+10.0% from Feb 2023)
Rental yield: 4.9%
Median weekly household income: $1,762
Population: 2,759
Private dwellings: 1,048
Appeal: Contemporary housing options with the draw of lifestyle developments down the line.
3. Osborne, 5017
Situated amidst the industrial hub of Port Adelaide, Osborne is a peaceful suburb that has traditionally offered accessibility for port workers, but has recently undergone transformations into a residential locale. As demand for accommodation near major employment hubs in Adelaide continues to grow, Osborne’s relatively lower property prices offer an attractive option for investors seeking value for money.
Median house price: $641,000 (+10.5% from Feb 2023)
Median weekly house rent: $495 per week (+10.0% from Feb 2023)
Rental yield: 4.4%
Median weekly household income: $1,336
Population: 1,951
Private dwellings: 895
Appeal: Peaceful and affordable residential setting close to Port Adelaide and the Osborne Naval Shipyard.
4. Somerton Park, 5044
A southwest coastal suburb, Somerton Park offers easy access to Adelaide’s CBD via major roads and public transport, while remaining close to beautiful beaches and recreational attractions. With an established local community with all the fairings of lifestyle amenities such as schools, parks, and shopping centres, Somerton Park is a popular place to live for families and young professionals. Some investors may be deterred by the high median house price of $1.5 million, but steady price growth in the past few years promises a high potential for capital gains.
Median house price: $1,540,000 (+32.2% from Feb 2023)
Median unit price: $509,000 (+12.8% from Feb 2023)
Median weekly house rent: $682 per week (+9.2% from Feb 2023)
Median weekly unit rent: $430 per week (+13.2% from Feb 2023)
Rental yield: 3.0% (houses), 4.4% (units)
Median weekly household income: $1,633
Population: 5,811
Private dwellings: 2,809
Appeal: Coastal lifestyle with a network of established amenities.
5. Angle Vale, 5117
Angle Vale, located on Adelaide’s northern fringe, is an emerging gem for property investment. Due to recent infrastructure upgrades and planned residential expansion, experts are forecasting a real estate market growth of 11% per annum until 2041. Investors looking to snag a piece of Adelaide’s northward expansion should consider Angle Vale as the ideal suburb to invest in.
Median house price: $790,000 (+13.3% from Feb 2023)
Median weekly house rent: $580 per week (+5.5% from Feb 2023)
Rental yield: 4.6%
Median weekly household income: $2,248
Population: 4,051
Private dwellings: 1,362
Appeal: Family-friendly environment that balances urban convenience with rural charm.
6. Underdale, 5032
Underdale offers a trendy atmosphere that is welcoming to both young professionals and students, making it a popular residential suburb that enjoys high occupancy rates and strong rental yields, especially for units. Currently, it’s undergoing a significant rejuvenation in property developments, with houses seeing lower growth in favour of modern unit residences. Finally, its proximity to the CBD (within 10 minutes via road) cements its reputation as an investment hotspot for 2024 and beyond.
Median house price: $780,000 (-0.6% from Feb 2023)
Median unit price: $533,277 (+64.1% from Feb 2023)
Median weekly house rent: $599 per week (-0.2% from Feb 2023)
Median weekly unit rent: $420 per week (+16.7% from Feb 2023)
Rental yield: 4.0% (houses), 5.6% (units)
Median weekly household income: $1,578
Population: 2,429
Private dwellings: 1,115
Appeal: Vibrant inner-city haven with lots of cafes, bars, restaurants, and shops.
7. Christies Beach, 5165
With a background of an idyllic coastal setting, Christies Beach is a favourite among locals and visitors alike for its beautiful beach lifestyle. Rental demand is strong here, with steady double-digit growth in rental prices for houses and units alike. With limited beachfront land available and increasing demand for coastal living, Christies Beach presents an opportunity for long-term capital growth at relatively affordable median property prices.
Median house price: $600,500 (+6.8% from Feb 2023)
Median unit price: $522,000 (+31.3% from Feb 2023)
Median weekly house rent: $500 per week (+13.6% from Feb 2023)
Median weekly unit rent: $450 per week (+16.9% from Feb 2023)
Rental yield: 4.5% (houses), 4.8% (units)
Median weekly household income: $1,194
Population: 5,962
Private dwellings: 2,923
Appeal: Coastal living with family-friendly amenities.
8. Munno Para West, 5115
Munno Para West is a burgeoning residential suburb that is showing impressive capital growth and a stunning rental yield of 5.3%. With close to 8000 residents, Munno Para West is an established locale that features the convenience of local amenities without the higher property prices that are typically seen closer to the city. Investors that are looking for reliable rental income should consider investing in Munno Para West due to its healthy rental market.
Median house price: $485,000 (+16.0% from Feb 2023)
Median weekly house rent: $477 per week (+16.5% from Feb 2023)
Rental yield: 5.3%
Median weekly household income: $1,567
Population: 7,577
Private dwellings: 2,782
Appeal: Growing suburb with a host of local amenities and easy connectivity to the CBD via major roads.
9. Seaford, 5169
Pristine beaches, popular tourist attractions, and luxury accommodations are what make Seaford a standout choice for residents and holiday visitors. As yet another coastal suburb, Seaford features a laid-back atmosphere that is hard to resist — especially with a median price of $656,250. Investors will find a unique opportunity to invest in a thriving coastal community with the potential for strong returns, along with the benefits of a relaxed beachside lifestyle.
Median house price: $656,250 (+8.2% from Feb 2023)
Median weekly house rent: $530 per week (+12.8% from Feb 2023)
Rental yield: 4.4%
Median weekly household income: $1,254
Population: 4,493
Private dwellings: 1,981
Appeal: Easy access to beaches, sprawling ocean views, and a holiday vibe.
10. Kilkenny, 5009
Nestled in Adelaide’s inner west, Kilkenny is an investment hotspot that is undergoing a wave of new developments and infrastructure projects. Prices are cooling off, but are expected to pick back up in the middle of 2024 as these developments reach completion.
Kilkenny is also well known for its arts and culture scene, creating a residential atmosphere that attracts young families and working professionals.
Median house price: $678,000 (-10.2% from Feb 2023)
Median weekly house rent: $500 per week (-6.5% from Feb 2023)
Rental yield: 3.7%
Median weekly household income: $1,399
Population: 1,846
Private dwellings: 782
Appeal: Culturally rich suburb with lots of character and creative spaces.
11. Richmond, 5033
Richmond is a historical town that features well-preserved colonial architecture and has significant cultural significance to South Australia. Situated along the route to the Barossa Valley wine region, Richmond benefits greatly from tourism and trade, creating opportunities for investors to be part of a thriving community while owning a property that has a rich history.
Median house price: $814,000 (+11.5% from Feb 2023)
Median unit price: $376,500 (-4.2% from Feb 2023)
Median weekly house rent: $550 per week (+10.6% from Feb 2023)
Median weekly unit rent: $380 per week (+8.6% from Feb 2023)
Rental yield: 4.0% (houses), 5.0% (units)
Median weekly household income: $1,555
Population: 17,022
Private dwellings: 7,863
Appeal: Historic town with cultural charm and links to the wine region.
12. Craigmore, 5114
Craigmore is a rapidly growing suburb with over 10,000 residents. Craigmore has experienced incredible capital growth in the last few years as developments continue to add to the area’s value. Despite that, it remains one of the most accessible entry points into Adelaide’s property market, with house prices at the $500,000 mark. Investors seeking to capitalise future capital gain should move quickly before prices begin to spiral upward.
Median house price: $501,500 (+19.4% from Feb 2023)
Median weekly house rent: $450 per week (+7.1% from Feb 2023)
Rental yield: 5.0%
Median weekly household income: $1,513
Population: 10,943
Private dwellings: 3,993
Appeal: Suburban haven with well-designed infrastructure and amenities.
Note: The above data insights are courtesy of the 2021 Australian Bureau of Statistics (ABS) Census data and Real Estate.com.au.
